New Weekly Article - The Sweet Aromas of Spring || Home By Design Weekly Article

New Weekly Article - The Sweet Aromas of Spring || Home By Design Weekly Article

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Your Refund Could be the Difference

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One of the silver linings to filing your income tax return is finding out that you are going to receive a refund. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it. With the average tax refund around $3,000, it could be the difference that makes a home a reality sooner rather than later. Many would-be buyers think it takes 10% or more down payment to purchase a home, but actually, it can be much less. There are VA and USDA mortgages that have no down payment for qualified buyers. FHA has a 3.5% down payment program and FNMA has 3% down payment mortgages for qualified creditors. Closing costs for originating new mortgages can easily range from two to three percent of the purchase price but most lenders will allow the seller to pay part or all of them based on the agreement in the sales contract. While the average tax refund might not cover the down payment on the median price home, it certainly helps. Your refund could make it as s
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Lower the Rate & Deduct the Interest

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A home can easily be a person’s largest personal asset and it can be a powerful tool to increase financial stability also. Since most mortgages are amortizing, the loan becomes a forced savings account that reduces the unpaid balance with each payment. The equity could be used to improve a homeowner's financial position involving other loans. While every homeowner recognizes that they can deduct the interest paid on their mortgage, it is surprising how many don’t know that they can write-off the interest on up to $100,000 of home equity debt assuming there is sufficient equity in the home. The real advantage to a homeowner is that the money borrowed can be used for any purpose and the interest is still deductible. Homeowners could payoff high-interest rate credit card debt or student loans with a considerably lower rate on a mortgage and deduct the interest on the home-equity debt. Replacing debt with lower rate loans that have deductible interest can be a strategic dec
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Digital Showings

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Ask any real estate professional if they have sold a house without the buyer having physically seen it and they’ll most likely tell you they have. While it may have been an unconventional sale, it is more prevalent today than it was twenty or even ten years ago. The digital world of the Internet has changed the process of buying a home. It is evolving as people have become more comfortable with the reliability of the information available. Getting in a car and driving around all day looking at homes that may or may not fit your needs or wants is not productive for buyers or the agents. The quality and the quantity of pictures has dramatically improved in the last twenty years. Buyers and agents alike can view a property online and get a fairly accurate idea of the condition and layout of home and whether it warrants a physical visit. Videos can “walk” you through the house to be able to assess if the floorplan will work for you. The 2015 Profile of Home Buyers and Sellers r
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